RESEARCH PAPERS: Other Technical Papers

Reliability and Economic Analyses Applied to Mechanical Equipment

[+] Author and Article Information
N. W. Nelson, K. Hayashi

Esso Research and Engineering Co., Florham Park, N. J.

J. Eng. Ind 96(1), 311-316 (Feb 01, 1974) (6 pages) doi:10.1115/1.3438319 History: Received June 15, 1973; Online July 15, 2010


An approach is presented whereby the design and replacement of finite life equipment may be approached in a rational manner. Considering manufacturing operations large enough to give a sufficient component population, statistical methods are used to predict failure distributions and attendant cash flows. Cash flows are minimized to yield optimum replacement schedules. Component design is optimized by relating component failure probability to initial investment. By considering component replacement according to the above described optimum replacement schedules, optimum initial investment is determined. The approach is illustrated by the problem of the design and retirement of furnace tubes.

Copyright © 1974 by ASME
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